Monday, March 23 2009
There is good news for the real estate market in general. Existing home sales rose 5.1% in February to a stronger than expected pace of 4.72 million units.
This is great news for a real estate market that has really seen nothing but gloom and doom for the past 2 years.
With mortgage rates still below 5%, and prices still down 15% from a year ago, it is starting to look like this may fast becoming one of those rare “windows of opportunity” to buy a new home in a great school district at a phenomenal price. Homebuyers with good credit, a steady job and a little down payment money should have no trouble qualifying for a mortgage.
There are also changes to the short sale law State Law now Requires Specific Response Time from Lenders on Pre-foreclosure (Short) Sales. Indiana Code, effective January 1, 2009, requires lenders, once the loan is 60 days delinquent, to acknowledge a short sale offer within 10 days and respond to the offer within 30 days. This will improve communication and we can hope that this will also reduce the turn around time for short sales.
Indiana Code References:
IC 24-9-3-6 Version b http://www.in.gov/legislative/ic/code/title24/ar9/ch3.html